President Donald Trump has called on Americans to endure slightly elevated gasoline prices amid ongoing tensions with Iran, which have disrupted shipping through the crucial Strait of Hormuz. Addressing supporters at a rally in New York, Trump emphasized that paying “a tiny little bit more” for fuel is a necessary sacrifice to prevent Iran from developing nuclear weapons. Furthermore, he hinted at the possibility of declaring the Strait of Hormuz “a territory of the United States” following a potential victory over Iran.
In response, Iranian officials have dismissed Trump’s remarks. Deputy Foreign Minister Kazem Gharibabadi stated Iran’s intention to maintain control over the waterway, continuing the blockade until the United States acknowledges what he termed as its defeat. Iranian Foreign Minister Abbas Araghchi confirmed that Tehran has not committed to resuming talks with Washington, asserting that shipping through the strait will remain halted until Iran’s conditions are met.
The stalemate has significantly affected tanker traffic in the Strait of Hormuz, a vital conduit for global oil and natural gas transport. This uncertainty has contributed to a rise in crude oil prices, exerting pressure on fuel costs. The average price of gasoline in the United States has climbed to approximately $4.08 per gallon, marking an increase of about 29% compared to the previous year. Brent crude prices are also experiencing a notable weekly surge.
Meanwhile, the economic repercussions are also manifesting in Iran. Iranian President Masoud Pezeshkian has attributed escalating inflation to the U.S.-led blockade, sanctions, and restrictions on Iranian oil exports. The Trump administration continues to threaten further financial measures against Tehran as negotiations to reach a ceasefire remain at an impasse.